NEW YORK, Aug. 05, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against TuSimple Holdings, Inc. TSP, Atara Biotherapeutics, Inc. ATRA, Mercury Systems, Inc. MRCY, and World Wrestling Entertainment, Inc. WWE. Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
TuSimple Holdings, Inc. TSP
TuSimple is the subject of a Wall Street Journal article published on August 1, 2022. The article alleges that one of the Company’s autonomously driven trucks left its lane of travel without warning before striking a cement barricade. The article states that the accident “underscores concerns that the autonomous-trucking company is risking safety on public roads in a rush to deliver driverless trucks to market.” Although the Company attempted to blame human error, the Journal points out that “it was the autonomous-driving system that turned the wheel and that blaming the entire accident on human error is misleading.” The article also reveals that the Federal Motor Carrier Safety Administration has launched a “safety compliance investigation.”
Based on this news, shares of TuSimple fell $0.97, or 9.7%, during intraday trading to close at $8.99 per share on August 1, 2022.
For more information on the TuSimple investigation go to: https://bespc.com/cases/TSP
Atara Biotherapeutics, Inc. ATRA
On November 4, 2021, Atara issued a press release touting its T cell immunotherapy product candidate, ATA188. In this release, the Company claimed that there was “positive momentum around the ATA188 program” and “increasing awareness of and excitement . . . among the medical community and industry.” Atara also made positive statements about ATA188 with regard to patients’ sustained disability improvement and about Atara’s progress with enrollment in Phase 2 efficacy and safety studies.
Then, on February 28, 2022, Atara issued a press release attached to their Form 8-K, providing an update on ATA188. The Company claimed that “a key data point at the time of the interim analysis will be EDSS [expanded disability status scale] improvement at six months for applicable patients. In the Phase 1 study, EDSS improvement at six months was >85 percent predictive of achieving sustained EDSS improvement at 12 months, the primary endpoint of EMBOLD [Phase 2 randomized, placebo-controlled study].”
On this news, Atara’s stock price fell from $12.85 per share to $10.21 per share the next trading day, as the market reacted negatively to this prediction.
On July 12, 2022, after the market closed, Atara announced the completion of its interim analysis of its phase 2 EMBOLD study for ATA188. The company stated: “Based on the analysis of the EMBOLD data available at the time of the IA [interim analysis], there was not a sufficient dataset to draw conclusions about the predictive value of six months EDSS improvement for 12 months EDSS improvement. The IDSMC [Independent Data and Safety Monitoring Committee] believes the six-month interim endpoint may be an inaccurate measure of the potential of this intervention in this condition.”
On this news Atara’s stock fell $3.77 to close at $3.41 per share on July 13, 2021.
For more information on the Atara investigation go to: https://bespc.com/cases/ATRA
Mercury Systems, Inc. MRCY
The investigation concerns whether Mercury and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 26, 2022, Glasshouse Research (“Glasshouse”) published a short report entitled “Roll-Up Mercury Systems Set to Unravel.” The Glasshouse report claimed, among other things, that Mercury’s organic revenue is “overstated,” that the Company’s recent Physical Optics acquisition has been a “disaster,” and that management has prematurely recognized revenue on certain significant projects.
On this news, Mercury’s stock price fell $4.73, or 7.6%, during intraday trading on July 26, 2022.
For more information on the Mercury investigation go to: https://bespc.com/cases/MRCY
World Wrestling Entertainment, Inc. WWE
WWE is the subject of a June 15, 2022, article in the Wall Street Journal titled: “WWE Board Probes Secret $3 Million Hush Pact by CEO Vince McMahon, Sources Say.” According to the article, the Company’s board “is investigating a secret $3 million settlement that longtime chief executive Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair, according to documents and people familiar with the board inquiry.” The article continues, “the board’s investigation, which began in April, has unearthed other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by Mr. McMahon and one of his top executives, John Laurinaitis, the head of talent relations at WWE, the people said.”
On June 17, 2022, the Company issued a press release stating, “a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.”
On this news, WWE stock fell $1.94, or 3%, to close at $62.51 on June 17, 2022.
For more information on the WWE investigation go to: https://bespc.com/cases/WWE
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.